Sell your dollars now or you will regret it later – Kojo Oppong Nkrumah cautions Ghanaians
The Information Minister Kojo Oppong Nkrumah has cautioned Ghanaians who are holding onto the dollars in the country to stop the act, sell them now or bear the consequences as the government is about to inject an amount of $2 billion into the economy to curb the depreciation of the Ghanaian Cedi.
Speaking to Citi FM, he said “the Bank of Ghana introduced a number of measures in the short term to deal with it and on the back of that the $750 million that we were expecting, all the paperwork has been concluded, and it should be hitting our accounts today or tomorrow”.
He stressed that those holding onto the dollars for further depreciation of the cedi to make gains are heading into the ditch. Kojo Oppong said, “If I were you, and I was holding onto dollars, I would be selling them by now because there is a lot more dollars coming in from the $750 million and also from the Cocoa Syndicated Loan of about $1.3 billion … expectation is that it will lead to quick stabilization”.
The free fall of the Ghanaian cedi has led it to be ranked by Bloomberg as the world’s worst-performing currency, only better than Sri Lanka’s rupee.
By: Agaatorne Douglas Asaah | myactiveonline.com
